Apple is facing a €500m (£427m) fine from the EU as part of a long-running competition row with Spotify (SPOT).
Last year, the European Commission accused Apple of distorting competition in the music streaming market via App Store rules that prevent developers from informing users of other purchasing options.
Apple takes a cut of 30% of all purchases done through the App Store. Spotify said this policy forced it to increase monthly subscriptions for its premium service from £9.99 ($12.60) a month to £12.99.
Around the same time, Apple launched a competing music streaming service that cost £9.99 a month.
The fine over alleged breaches of EU competition law expected to be announced early next month, the FT reported.
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If imposed, the fine would be one of the most substantial financial penalties the EU has imposed on a major technology company.
Ethereum price has hit over $2,900 as the cryptocurrency‘s co-founder Vitalik Buterin hinted at AI integration.
In a tweet, Buterin said he believes AI will revolutionise bug fixing, citing bugs in code as “Ethereum’s biggest technical risk pro” right now.
One application of AI that I am excited about is AI-assisted formal verification of code and bug finding.
Right now ethereum’s biggest technical risk probably is bugs in code, and anything that could significantly change the game on that would be amazing.
— vitalik.eth (@VitalikButerin) February 19, 2024
The comments come as Ethereum closes in on implementing its long-awaited Dencun upgrade, which is currently slated for launch on 13 March.
Santander (BNC.L)
Santander has announced plans to pay shareholders €5.5bn (£4.7bn) after posting record profits last year amid surging interest rates.
The lender, which is owned by Spanish parent Banco Santander, plans to buy back nearly €1.5bn (£1.3bn) of its shares and pay a final cash dividend for 2023 of €0.095 per share.
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Spain’s largest lender has received regulatory approval for the buyback that will be launched on Feb. 20, it said in a regulatory filing Monday.
It comes after the Spanish bank posted a record €11.1bn (£9.5bn) profit for 2023.
Chinese online shopping giant JD.com (JD) has confirmed it has been exploring a takeover of Currys, raising the prospect of a bidding war after the electricals retailer on Saturday rejected a private equity approach.
Shares rocketed higher amid a potential bidding war.
JD.com has held informal, exploratory talks in recent weeks with Currys, the Telegraph said.
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The move comes hours after it was revealed that the electrical goods retailer rejected a takeover approach from US investment firm Elliott.
Currys, which operates more than 800 stores globally and employs 28,000 people, said the offer valued the business at about £700m. But the proposal “significantly undervalued” the company, Currys said.
A recent note by Investec analysts claimed that Currys’ mobile network, iD Mobile, could be worth £500m alone.
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